On the balance of probabilities where you own a flat in Headley you actually own a long leasehold interest over your property
Leasehold residencies in Headley with over one hundred years remaining on the lease are often referred to as ‘virtual freehold’. This is where the lease value the same as a freehold interest in your premises. In such situations there is often little to be gained by purchasing the freehold unless savings on ground rent and estate charges warrant it.
| Lender | Requirement |
|---|---|
| Bank of Scotland | Minimum 70 years from the date of the mortgage. |
| Godiva Mortgages | A minimum of 70 years unexpired lease at completion for all scheme types apart from Lifetime Mortgages (Equity Release), which require a minimum unexpired term of 80 years at completion. |
| National Westminster Bank | Mortgage term plus 30 years. For Shared Ownership, the remaining term of the lease must also be not less than 75 years at the outset of the mortgage. |
| Skipton Building Society | 85 years from the date of completion of the mortgage For Buy to Let cases: - lettings must not breach any of the lessee’s covenants; and - consent of the lessor to lettings must be obtained if necessary |
| TSB | Minimum of 70 years at mortgage commencement, with 30 years remaining at mortgage redemption. |
Lease extensions in Headley can be a difficult process. We recommend you get guidance from a lawyer and valuer with experience in lease extensions.
We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have a wealth of experience procuring Headley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.
Trailing unsuccessful negotiations with the freeholder of her ground floor apartment in Headley, Jodie started the lease extension process as the eighty year threshold was quickly approaching. The transaction was finalised in November 2007. The freeholder’s costs were negotiated to less than 700 GBP.
In 2009 we were phoned by Mrs W Petit who, having was assigned a lease of a ground floor apartment in Headley in November 2002. We are asked if we could shed any light on how much (roughly) compensation to the landlord would likely be to extend the lease by a further 90 years. Comparative residencies in Headley with an extended lease were worth £216,000. The average ground rent payable was £60 invoiced per annum. The lease came to a finish on 19 May 2083. Considering the 58 years unexpired we estimated the compensation to the freeholder for the lease extension to be between £28,500 and £33,000 plus legals.
Last Christmas we were contacted by Mr Zachary Martinez , who completed a basement flat in Headley in August 2005. We are asked if we could estimate the price would likely be for a 90 year lease extension. Similar premises in Headley with an extended lease were in the region of £200,000. The average ground rent payable was £50 invoiced quarterly. The lease ran out on 6 March 2103. Given that there were 78 years left we estimated the premium to the freeholder for the lease extension to be between £8,600 and £9,800 plus legals.